The prices of gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Thursday, November 18, 2021. Witnessing a downfall of Rs 70 or 0.14 per cent, prices of gold futures maturing on December 3 stand at Rs 49,199 per 10 grams on the MCX.

Similarly, the market rates for silver stand at Rs 66,401 per kg after recording a marginal dip of Rs 279 or 0.42 per cent.

Gold and silver prices in the international market:

As per Reuters, gold prices bounced on Wednesday as inflation worries pushed investors to the safe-haven metal, even as better-than-expected U.S. retail data strengthened the dollar making bullion expensive for holders of other currencies.

Spot gold rose 0.9 per cent $1,865.66 per ounce by 14:00 ET (1900 GMT), having dropped in the previous two days after a seven-session rally.

The report revealed that the U.S. dollar, which also contends with gold as a safe store of value, touched its highest since July 2020, bolstered by better-than-expected U.S. retail data.

Meanwhile, U.S. gold futures settled up 0.9 per cent at $1,870.20.

On the other hand, rate hikes remain a potential risk for gold and only a clear break above $1,875 may drive further gains, Carlo Alberto De Casa, an external analyst at Kinesis Money said. Rising prices, driven mostly by soaring energy costs, remain a concern in other economies as well.

According to the report, spot silver jumped 1.1 per cent to $25.06 per ounce, platinum fell 0.1 per cent to $1,060.40, and palladium climbed 1.2 per cent to $2,184.51.

Gold and Silver prices in major Indian cities: